So, it was my first day trading Live funds. I am still positive but could have been much better. The problem was that I was getting trade closure rejections on few occasions and closed few trades at less profit that I actually had. 1 trade I was up $20, tried to close. Yellow window started appearing rejecting . It was funny since I was selling into buying frenzy. There was no liquidity issues. 30 000 shares were on sale. Few trades was closing at 4-5 ticks but got only 1-2. I wonder, what that might mean? Why trade rejections for only 100 shares when so many shares available? I see no sense. I was then only positive guy today out of 10 new traders and 7 of them have been trading for 1-2 months. Generally, I am not happy with this day . It has been my worst.
30 000 shares were available at market price only at the first raw. There were many more shares from other firms.
Good job bro, try to get out using EDGE A ... for removing liquidity you get a rebate..if that matters lol
well, 2 last days not good. Kinda forgot I have only 2-3 ticks stop loss and daily limit of $20. so gotta be more careful in picking trades even in right direction. I am too trigger happy, which was originally problem in Forex too. Gotta pick better entries with lower risk per trade. will be working on this since today. I use too aggressive entries. There was a guy in our office yesterday and he made a few very good suggestions exactly regarding this problem. Gonna start using it today. let's see.
I tried something new on Friday, traded Micro , Amat, and WFT all day long. Instead of doing the "usual" which is get into a position with "certainty" I usually got smoked 'coz the move already happend that I wanted to get on, and I would get in @ a top of a green candle, or short @ the bottom of a red candle.. Friday I started getting in on the Low/s Green or Doji's and shortin @ tops... it was more uncertain..but I was actually making money more, than before. Nothing crazy but I got back from beind down -120 to -47$ ... with that simple change to my trading...well see how nxt week goes. I traded 300 share lots.
I was $14 down on Friday. But I should not have. The problem is that I was told 2-3 ticks down , stop loss. I am getting paranoid after I am 5 ticks down. Also, when I traded Demo, I traded in the first 20 minutes after open, but now with real money i am not permitted, hence need to think of something new. Ok, i closed that trade at 7 ticks and it even did not reach previous low. It went straight 60 ticks up. I also notice nobody at least among those guys who traded Demo with me respect that 2-3 ticks rule. I have seen them running trades up to 60 ticjks against them, thjis is obviously a wrong thing, but so is 2-3 ticks. and I believe 2-3 ticks rule in most cases is idiotic. Unless these 2-3 ticks is under / above some S/R line. It is just not wise to set 2-3 ticks stop loss in the middle of nowhere and tell close it when 2-3 ticks down. i have been trading FX for quite a while and know perfectly risk control/ money management rules. Stop is always under/ above some S/R and it is just that it is good to minimize the risk related to potential gain. I have some idea and gonna start testing it next week. I will be looking for trades with up to 12 ticks risk and with at least double win potential. Will reduce number of trades and look only for this set up I have been looking at this weekend. Need also to ask manager to explain the strategy he mentioned. That was a little bit confusing.
they want you to do size because thats how they make money on you and it may get their pp/s down. sounds like you are making good progress...keep it up.
neveralone, long time no see. how are you doing , buddy? have you moved to another office or still at the same place?
No I left the firm about 1 week ago, because towards the end I was unable to "hand trade" and trade based on technical analysis, but I was forced to do volume on scalps on Citi , as well as focus on their automated box trading system. I am currently looking for other firms in NYC area.